Affordability fears hit almost half of UK adults
Can I survive the next twelve months?
Key statistics
• 46pc of the UK adult population say that simply being able to
stay afloat is their chief financial concern over the coming 12
months
• 38pc of the population describe themselves as pessimistic in
relation to their financial standing over the coming 12 months
• Pessimism is highest among the over 55s (41pc)
Independent research commissioned by credit reference agency Callcredit has revealed that 46pc of the UK's adult
population say that simply being able to afford to live - making
ends meet and servicing current debt levels - is their number one
financial challenge over the coming 12 months. This is over ten
times the number of people who say they are most concerned about
getting a mortgage or the risk of redundancy (4pc
respectively).
Owen Roberts, head of Callcredit Check, comments
"The sharp rise in the cost of fuel and food combined with fears over falling house prices are impacting our attitudes towards our finances. It appears that people are most concerned about short term survival in light of spiralling costs and many can't see the situation improving over the coming 12 months - this is especially true of the older generation who may have been hardest hit by rising bills."
Women are more concerned about surviving the financial downturn than men (50pc vs 41pc) and concerns are highest among the 35 - 44 age group (57pc).
Almost four out of ten people (38pc) describe themselves as pessimistic about their finances over the next 12 months compared to one in five people who are optimistic. Negativity peaks among the over 55 age group with 41pc describing their attitude as pessimisistic.
"In order to get a better understanding of their financial commitments and to see where savings could be made, we'd advise consumers to get a copy of their credit report," adds Roberts. "Consumers who are concerned that they can no longer make ends meet should speak with their lenders before things become unmanageable or an independent organisation such as the Consumer Credit Counselling Service to work out the best way forward."
Research information
All figures, unless otherwise stated, are from YouGov Plc. Total
sample size was 2,048 adults. Fieldwork was undertaken between 30th
May - 2nd June 2008. The survey was carried out online. The figures
have been weighted and are representative of all GB adults (aged
18+).
About Callcredit
• Callcredit (www.callcredit.co.uk) is the UK's most innovative,
state-of-the art credit reference agency, with an extensive range
of information and value added services for businesses and
individuals.
• Callcredit Check provides consumers with online access to the
details of their credit file at www.callcreditcheck.com
• Callcredit has harnessed state-of-the-art information technology
with an unrivalled knowledge of the industry's needs to develop a
range of innovative information solutions. Solutions that are
enabling major lenders and a host of other blue chip companies to
address regulatory requirements, make better credit decisions,
target new customers more effectively and manage existing customers
more profitably.
• Callcredit is one of six core businesses that form the
Callcredit Information Group. The other five are:
• Database management company EuroDirect
• Market
analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and
affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem
• Following the publication of Sir James Crosby's report,
Callcredit has joined forces with the other two UK credit reference
agencies to offer expert advice for victims of ID fraud. This
joined up approach will mean that victims can contact Callcredit
who will then alert the other two agencies to the fraud on their
behalf. Our ID fraud team will also work with victims to contact
all lenders and ensure that fraudulent information is removed and
the consumers' credit history is fully restored.